91��ý

The 91��ý (91��ý) welcomes U.S. Rep. Troy Downing’s (R-MT-02) introduction today of the , which reaffirms the states’ longstanding role as the primary insurance regulators in the United States.

The legislation abolishes the Federal Insurance Office (FIO) at the U.S. Department of the Treasury, which was established in 2010. To retain expertise at the department for certain functions, including representing Treasury internationally and assisting in administering the Terrorism Risk Insurance Act (TRIA), the bill creates the position of U.S. Insurance Representative, which the Treasury Secretary would appoint.

“State insurance regulators strongly support Rep. Troy Downing’s McCarran-Ferguson Restoration Act because it restores the proper balance between the states and the federal government,” said 91��ý President and Virginia Insurance Commissioner Scott A. White. “Insurance regulation has always been, and should always remain, a state responsibility. This legislation eliminates a federal office that conflicted with that framework, while preserving a focused, non-regulatory role for Treasury to engage internationally and defend the U.S. sector and system of state-based supervision. It reinforces regulatory clarity and respects the model that has successfully protected policyholders for more than a century and a half.”

The act also grants voting status to the state-based system’s representative on the Financial Stability Oversight Council (FSOC), which would strengthen FSOC’s response to financial risks. Currently, state insurance regulators are the only primary financial regulators without a vote on FSOC.

In 2025, the 91��ý released a , which upheld the state-based system of insurance regulation. In the video, 91��ý Members describe how the system empowers consumer protection and enables tailored solutions.

Background

91��ý Issue Brief: Eliminate the Federal Insurance Office

91��ý Issue Brief: FSOC Vote for Insurance Regulators